With this March marking B Corp month, and with the Procurement Act 2023 officially coming into force just this February 24th, we wanted to reflect on how this legislation coincides with our commitment – upheld by our B Corp status – to our own ‘social value’. This B Corp status helps us stay dedicated to meeting the highest standards of social and environmental business practices, which happen to go hand in hand with the Procurement Act 2023’s prioritisation of ethical, sustainable, and community-driven practices – all under the umbrella of Social Value.
In one of arguably the most important shifts in UK procurement in recent years, the Procurement Act 2023 ensures that public contracts deliver broader benefits that simply cost efficiency. By mandating that social value is considered when awarding these contracts, this legislation highlights the importance of prioritising sustainability, fairness, and long-term community impact.
Paul Gannaway, Director, says: “For us at b&m, the enforcement of the Procurement Act 2023 is an exciting change, and one that reinforces the principles we’ve been upholding for some time as a certified B Corp. As leaders in providing a range of key services to monumental and innovative projects up and down the country, we understand that the construction industry is not just about buildings, but about people and communities.”
“This is why integrating social value into our work has always been a fundamental part of our approach, upheld by our B Corp status, and why we are excited that the Procurement Act 2023 has finally come into action.”
What does this legislation mean?
The Procurement Act 2023 mandates that public sector organisations must consider social value when awarding contracts. This marks a fundamental shift from a cost-first approach to one that evaluates tenders based on the ‘most advantageous tender (MAT)’ principle. Under this framework, decision-makers are required to factor in environmental impact, community benefits, and broader societal contributions, rather than focusing solely on price.
This means that companies are expected to evaluate how their work benefits society beyond just delivering a project. Social value can include factors such as creating local employment opportunities, reducing environmental impact, supporting community initiatives, or ensuring ethical business practices from start to finish.
By prioritising social value, public sector contracts can contribute long-term to the economical, social, and environmental well-being of the communities they work in, rather than focus solely on cost.
For b&m, our B Corp status has meant that this social value priority has been a key part of our work for a long time, but that doesn’t mean we’re not excited to see the enforcement of this legislation. For us, this shift is an opportunity for us to demonstrate leadership and champion responsible procurement, helping others develop the same core values that we’ve come to embody.
B Corp and Social Value
At b&m, our B Corp certification upholds our commitment to using business as a force for good. The principles behind a B Corp status – accountability, transparency, environmental responsibility, and positive community impact – perfectly align with the objectives of the Procurement Act 2023.
This legislation and B Corp values share a common goal in that they encourage businesses to operate with a long-term perspective that prioritises people and the planet alongside profit. Both frameworks help organisations in all areas of the public sector, not just construction, to go beyond financial considerations and actively contribute to the well-being of communities and the environment. By embedding these principles into procurement processes, the Act reinforces the kind of responsible business practices that B Corps like us have championed for years.
In fact, alongside our B Corp status, our internal core values of Growth, Collaboration, Construction Expertise, Partnership, and People First, help us go beyond compliance and actively contribute more widely to the communities we develop within. Delivering future-proof, sustainable projects that generations can enjoy is a key principle in the planning and execution of every project we complete.
What this means for us
With the Procurement Act 2023 coming into effect just last month, we anticipate that the next year will see organisations that embrace and prioritise social value standing out in the construction industry, including in bidding processes. We are looking forward not only to our continued commitment to social value becoming more recognised, but to see other businesses within our industry make more impact socially and sustainably.
As B Corp month highlights the importance of responsible business practices, the Procurement Act 2023 reinforces why companies like b&m must continue leading the way. By embedding social value at the heart of our business, we are not just adapting to change but are helping to shape a more sustainable future for our industry and beyond.
